Trump calls on Fannie Mae, Freddie Mac to help homebuilders

President Donald Trump called on Fannie Mae and Freddie Mac to boost homebuilders and help “restore the American Dream” in a Truth Social post on Sunday.

The president said large homebuilders are sitting on 2 million empty lots, and compared the situation to the Organization of the Petroleum Exporting Countries keeping oil prices high before he resumed his time in office.

“It wasn’t right for them to do that but, in a different form, is being done again — This time by the Big Homebuilders of our Nation,” Trump wrote. “They’re my friends, and they’re very important to the SUCCESS of our Country, but now, they can get Financing, and they have to start building Homes.”

Trump’s comments come as the housing market inched toward becoming buyer friendly in  August, led by a rebound in inventory and strong demand. But builders still faced little incentive to increase construction, as the seasonally-adjusted estimate of new houses for sale was 490,000 at the end of August, 1.4% below July’s estimates, according to the Census Bureau.

“They’re sitting on 2 Million empty lots, A RECORD,” Trump wrote. “I’m asking Fannie Mae and Freddie Mac to get Big Homebuilders going and, by so doing, help restore the American Dream!”

Director of the Federal Housing Finance Agency Bill Pulte weighed in Sunday night, saying Fannie Mae and Freddie Mac will meet with each big builder individually to assess “building more, growth, partnership and more,” in an X post Sunday night.

Trump reportedly met with top U.S. bank executives in August to discuss potentially privatizing the finance firms, and said in May he was “giving very serious consideration” to bringing Fannie Mae and Freddie Mac public and would make a decision “in the near future.” The firms guarantee more than half the nation’s mortgages and have been under federal conservatorship since the 2008 financial crisis.

Shares of Fannie Mae and Freddie Mac currently trade on over-the-counter markets and have surged over the past five months.

Affordable housing has been a priority for Trump since he reentered office, issuing an executive order that called for lower housing costs and increased housing supply on his first day.

Since then, there has been speculation of a potential national housing emergency, with different lenders throwing out suggestions.

“President Trump is right to focus on housing affordability and NAHB agrees that getting more homes built is essential to restoring the American Dream,” National Association of Home Builders Chairman Buddy Hughes said. “Achieving that goal will require builders of all sizes working together with the administration to overcome the complex government barriers that slow the pace of new construction.”